Australia · Oceania · Population: 5,100,000
Melbourne is moderately affordable compared to major global cities, with steady growth in property values. The city has above-average rental costs. At $680,000 average home price in Australia, buyers should consider the 9.2x price-to-income ratio when planning a purchase.
| Average Home Price | $680,000 |
| Price per sqm | $8,500 |
| Price-to-Income Ratio | 9.2x |
| Mortgage Rate | 6.2% |
| 1-Year Price Change | +3.2% |
| 1-Bedroom Apartment | $2,200/mo |
| 3-Bedroom Apartment | $3,200/mo |
| Rent-to-Income Ratio | 30% |
| Median Household Income | $74,000/year |
| Years to Buy (at median income) | 9.2 years |
| Local Currency | AUD |
With a price-to-income ratio of 9.2x, Melbourne requires significant savings to purchase property. At a mortgage rate of 6.2%, monthly payments could consume a large share of income. Home prices have increased 3.2% in the past year.
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Our team analyzes data from OECD, Numbeo & National Statistics to deliver accurate, up-to-date information. All data is verified and cross-referenced with official sources.
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